Latvian Merito Partners acquires majority stake in AIOO, mobile device accessory retailer
17 May, 2023, 11:37
The Riga-based Merito Partners’ private equity fund has acquired a majority stake in AIOO, retailer of mobile device accessories and used smartphones. The amount of the deal is €3 million.
- This deals will result in Merito acquiring a 56% stake in AIOO, while AIOO’s management team will retain the remaining 44% shareholding.
- Founded in 2021, AIOO is a mobile accessory retailer with 24 stores located in shopping centers across Latvia. Currently, AIOO has a team of 64 employees.
- The company offers over 11,000 mobile device accessories, including covers for smartphones, tablets and laptops, protective glasses, chargers.
- AIOO is the third portfolio company for Merito Partners. Recently, it led the investment for modular home manufacturer MYCABIN and the Riga-based TapBox, a one-stop self-service solution provider for a wide range of industries and application areas.
- The funding will help the company to accelerate the development of its network and to expand operations in Poland and other EU markets. By the end of this year, the AIOO also plans to have at least 40 AIOO stores in Latvia.